Sorry, Oahu: If you're waiting for housing prices to drop before wading into the market, you might be waiting for a very long time.
The newest housing report from Locations paints a bleak picture for would-be buyers: The inventory of remaining homes and condos on Oahu is at its lowest levels in over a decade and properties that are on the market are being sold more quickly than ever -- and over the asking price.
The Locations report concluded that if no new homes were to go on the market on Oahu, the inventory would sell out in three months.
In April, the real estate firm said, the inventory of homes on Oahu hit lows last seen before the Great Recession. And the median number of days homes and condos stayed on the market was just 16 days.
The high demand and low supply means it's a sellers' market: Some 1 in 3 homes and 1 in 5 condos are being sold over asking price.
Not surprisingly, Locations said home prices are expected to continue to rise in 2017.
The median sales price of a single-family home on Oahu last month was $720,000, the same as a year ago. But the median sales price of condos was up 7 percent from last year, to $420,000.
Locations President and CEO Scott Higashi said while the market is competitive, buyers are finding homes.
"I know that buyers are frustrated, but if the first neighborhood doesn't work, move onto the next one," Higashi said. "Just be persistent and patient."
He noted that while housing prices are expected to go up this summer, inventory is also expected to increase.